NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum’s DeFi Space Just Saw An Exit Scam: Here’s How It Went Down

Nick Chong
Nick Chong
4 years ago
2 mins read
ethereum

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

The growth in Ethereum’s decentralized finance space has been one of the biggest wealth-generation events in the crypto space of the past year. Coins pertaining to “DeFi,” as this part of cryptocurrency has been dubbed, have literally gone parabolic. Simultaneously, there have been extremely high yields/interest rates offered on certain DeFi products.

The profits made in DeFi, unfortunately, have attracted some unsavory folk. Reports recently came out suggesting that there was a notable DeFi exit scam that went down this past weekend.

Related Reading: Crypto Tidbits: Ethereum Surges 20%, US Banks Can Hold BTC, DeFi Still in Vogue

Ethereum-Based “Asuka Finance” Purportedly Exit Scams

Doo Wan Nam, part of the Asia business development team at MakerDAO, recently revealed that there was an exit scam in the DeFi space that just took place.

According to a thread he released on the matter, in which he cited local South Korean media, the programmer behind “Asuka.finance” exited with a purported $64,000 worth of cryptocurrency.

The programmer, who goes by “Jongchan,” lured in victims by touting Asuka’s high investment yields on Telegram, Discord, and KakaoTalk. The latter of which is a popular messaging platform in South Korea.

After managing to draw in millions of dollars worth of liquidity while boosting the price of Asuka, he purportedly emptied ~$64,000 worth of cryptocurrency from a decentralized Ethereum liquidity pool.

Jongchan purportedly left many millions in the pool because he “burned many of his keys including the ability to mint more [coins] and drain the pool when he lured his victims.”

Alright so @asukafinance , #YFI @iearnfinance fork made by a Korean guy exit scammed this morning. Here's what the Korean blockchain community knows so far 🤔 pic.twitter.com/UzAx24ylBa

— Doo | StableLab (@DooWanNam) August 3, 2020

Related Reading: Dips to $350 Are for Buying: Analyst After Ethereum Drops 26% in 5 Minutes

DeFi Won’t Stop Growing

Although DeFi may face setbacks like being exit-scammed or hacked, it’s a trend that many expect to continue to grow.

As reported by NewsBTC, there is $4.21 billion worth of value locked in blockchain-based finance applications as of August 2nd. This metric is up from the $1 billion reading taken 90 days ago.

Chart of the amount of value locked over the past three months (90 days) from DeFi Pulse.

Spencer Noon, the head of DTC Capital, expects for this trend of growth to continue into the future. The investor wrote on August 3rd:

“My read on #DeFi after speaking with instl investors, fund mgrs, OTC desks, and FOs over the last few wks: The herd is coming. They’re excited about DeFi but new to it, so they’re buying $ETH first. Once positions are set, I expect them to move up the risk spectrum to protocols.”

Case in point: cryptocurrency-centric fund Electric Capital just raised a $110 million fund that will have a focus on DeFi.

Related Reading: These 2 Factors Are Behind Bitcoin’s 20% Eruption Higher: Industry Executive
Featured Image from Shutterstock
Price tags: ethusd, ethbtc
Charts from TradingView.com
Ethereum's DeFi Space Just Saw An Exit Scam: Here's How It Went Down
Tweet123Share196ShareSend
Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Ethereum

Ethereum In Demand: ETF Inflow Streak Extends To 7 Weeks

Institutional demand for Ethereum appears strong as spot exchange-traded funds (ETFs) have recorded seventh-straight week of inflows. US Ethereum Spot...

Keshav Verma 16 hours ago
Ethereum

Ethereum Network Awakens—Massive On-Chain Moves Signal What’s Coming

Ethereum has stayed under the radar as Bitcoin grabs headlines. But new data shows long‑term holders have quietly built up...

Christian Encila 17 hours ago
Ethereum

Ethereum Indecision Masks A Bullish Setup – Here’s Why BTC Holds The Key

CRYPTOWZRD, in his latest update on X, highlighted Ethereum‘s indecisive close, suggesting the market is still searching for clear direction....

Godspower Owie 1 day ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Ethereum

The ‘MicroStrategy’ Of Ethereum Emerges: Tom Lee And Joe Lubin Raise $675M To Stack ETH

Scott Matherson 3 hours ago

Solana (SOL) a un Bivio — Rimbalzo Probabile se i 142$ Tengono

clararosati 8 hours ago
Ethereum Price Drops After Bullish Attempt

Ethereum Price Drops After Bullish Attempt — Support Area Under Pressure

Aayush Jindal 16 hours ago

Premium Sponsors

Press Releases

  • Best Crypto Payment Gateway for Trading in 2025

    2 hours ago
  • 仮想通貨プレセールで1.45百万ドル調達-人為的ミスを排除し次の100倍を目指す新鋭トークン

    ...

    5 hours ago
  • 仮想通貨おすすめ|2025年に注目のポートフォリオ向け有望銘柄4選とは?

    ...

    5 hours ago
  • 「壮大で美しい法案」成立も暗号資産税制救済なし、新しい仮想通貨が未来を切り開く

    ...

    6 hours ago
  • FUNToken

    FUNToken Now Listed on Poloniex, Strengthening Global Reach...

    6 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.